7. Canada's Goldcorp (GG - Get Report) is engaged in the exploration, development, and operation of gold mines in Canada, the U.S., Mexico, and Central and South Americas.
Goldcorp doubled its annual dividend to 36 cents per common share during the last week of October. Commenting on this move, Chuck Jeannes, the company's president and CEO said, "Goldcorp's current financial strength and growing cash flows enable us to significantly increase our dividend, while also executing on our plan to deliver 50% production growth over the next five years."
Goldcorp expects total cash costs to fall below its original guidance of $350 per ounce, on a by-product basis, while maintaining its production guidance of 2.55 million ounces this year. During the first nine months, cash costs were around $297 per ounce. Since 100% of the company's gold production is unhedged, an uptrend in gold prices would boost Goldcorp's earnings.
Analysts polled by Bloomberg expect the company to report earnings of $1.86 per share for 2010 and $1.91 per share for 2011, a significant turnaround from earnings of 33 cents per share in 2009. Of the 21 analysts covering the stock, 16 recommend buying, 4 rated holding, and 1 advised selling.
During 2011, analysts expect the stock to gain 27% with a consensus 12-month target price of $57.8.